Greater New Orleans

Ex-stockbroker admits stealing from clients

A former New Orleans stockbroker has pleaded guilty to a charge he stole more than $913,000 from 14 of his clients.

Federal prosecutors say Michael Sydney Wooton, 46, of Metairie, was working for Western International Securities' New Orleans office when he falsely promised his clients he was investing their money in bonds that would yield high returns.

Instead, Wooton allegedly placed their money in high-risk investments or simply stole the money to pay for personal expenses and then mailed them fraudulent statements to hide the thefts.

He faces up to 20 years in prison after his guilty plea Wednesday to a mail fraud charge. His sentencing is set for July 27.